MAXN - Why Solar Energy Stocks Jumped This Week
Shares of some solar energy stocks have moved sharply higher this week, in large part due to trade restrictions put in place by the Biden administration. First Solar (NASDAQ: FSLR) is up 9.8% so far this week, SunPower (NASDAQ: SPWR) has risen 9.5%, and Maxeon Solar Technologies (NASDAQ: MAXN) has jumped 9.8% for the week.
The catalyst was the Biden administration banning products from four Chinese solar manufacturers in the Xinjiang province, which has been accused of using forced labor. Manufacturing primarily consists of polysilicon, which is a raw material for solar cells used around the world and could have a wide-ranging impact on the solar supply chain.
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Why Solar Energy Stocks Jumped This Week